For a lease to qualify under this subdivision, the tenant under such lease may not be the owner of the residential real property, and such lease must require the payment of rent for such unit that is not substantially less than the fair market rent for the unit, unless the unit is subject to federal or state statutory system of subsidy or other federal or state statutory scheme. A tenant under paragraph (a) , (b), or (c) of this subdivision shall continue such tenancy subject to any limitations in this subdivision under the same terms and conditions as were in effect at the time of entry of the judgment of foreclosure and sale, or if no such judgment was entered, upon the terms and conditions that were in effect at the time of the transfer of ownership of such property. For purposes of this section, "fair market rent" shall mean rent for a unit of residential real property of similar size, location and condition.
N.Y. Real Prop. Acts. Law § 1305